Though the hedonists of ancient Rome were known to party hardy around the festive May Pole, seriously milking the Rites of Spring for all their worth, I don't see how even these legendary merrymakers could have done a better job in celebrating than Thursday's bullish crowd in live and feeder cattle futures.

From CME wall to CME wall, a frantic combination of new buyers and panicky short-coverers laid a sprawling carpet of all-time historical highs.

The sudden contagion of spring fever in the live pit was sparked by the dawning of June as spot contract and its intolerable discount to ...